Answers

Best Answer: The first three lines are expressions for not giving up, it is often said a captain of a sinking ship will go down with it, because he is totally loyal to it, and in charge to the very last.
A white flag has been used in combat situations for many years when a soldier or an entire platoon want to tell the enemy to stop attacking them because they wish to give themselves up (surrender)
The last line confirms that it's the guy she loves that she won't give up on.